Altius Minerals Corporation report on exploration activities for its earn in Option Agreement with Rio Tinto Exploration Canada in western Labrador, Canada. Under this agreement Rio Tinto may earn up to a 70% interest in 15 map-staked mineral licenses comprising 586 claims covering 14,650 hectares in western Labrador. The optioned licenses have been divided into six different prospects as follows: Bruce Lake, Goethite Bay, Carol Lake, Campground, Huguette Lake and Green Water Lake.

During the 2011 field season, Rio Tinto completed a total of 2633 metres of drilling on the Goethite Bay prospect. The Geothite Bay prospect is located approximately 17 km north east of Iron Ore Company of Canada's Carol Lake operation and 6 km north of the Julienne Lake deposit. Rio Tinto has reported to Altius that drill hole 11LB0027 intersected 279 m @ 29.8% Fe, including 157 m @ 31.9% Fe and 90 m @ 31.9% Fe. Additional drill results are pending.

Altius has received formal notice from Rio Tinto that it has met its first option earn-in obligations on Altius' Labrador West project north of Labrador City by incurring USD 3 million in exploration expenditures and has therefore earned a 51% interest in the properties. Rio Tinto has a second option to earn an additional 19% property interest by spending an additional USD 4 million by December 2013. In addition to its project interest, Altius retains a 3% gross overriding royalty, 1% of which may be purchased by Rio Tinto for USD 10 million within the 10th anniversary of the agreement.

Altius has been prospecting for iron ore in western Labrador since 2003 and is the largest exploration licence holder in the district and also in the province of Newfoundland and Labrador.